Legal Question in Business Law in South Dakota
Company's money for personal use
What are the legal ramification for using the company's money for personal use? What can be done to stop a partner from continuing? Can a suit be file against the partner?
1 Answer from Attorneys
Re: Company's money for personal use
If the draws are not allowed by the partnership agreement or corporation operating agreement, then yes, you can do something about it. You could ask for an injunction to stop further transfers and ask for an accounting. Depending on how badly the relationship has deteriorated, you might also want to dissolve the corporation and take out your contribution (or remaining %). This process can be messy, time consuming, and expensive.
Thank you for your question. Please let me know if you have any further questions.
Best regards,
Todd D. Epp, Esq.
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